The Reserve Bank of India (RBI) on August 29, 2024, issued a notification regarding the Interest Equalization Scheme (IES) on Pre and Post-Shipment Rupee Export Credit.
The Government of India has extended the Interest Equalization Scheme for Pre and Post-Shipment Rupee Export Credit until August 31, 2024, as per Trade Notices No. 07/2024-2025 and No. 08/2024-2025. This extension is effective from July 1, 2024, to August 31, 2024.
However, the scheme has been modified to restrict eligibility solely to MSME Manufacturer exporters from July 1, 2024. Non-MSME exporters are no longer eligible for the benefits, and their claims will not be considered after June 30, 2024. The interest equalization for the extended period is also capped at ₹1.66 crore per Importer-Exporter Code (IEC). All other existing provisions of the scheme remain unchanged.
[Notification No. RBI/2024-25/71]
